Sparta, Illinois Property Taxes
The median property tax rate in Sparta, IL is 3.16%, significantly higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Sparta at $43,455, the typical annual property tax bill reaches $1,268, which is below the national median of $2,690. Property taxes in Sparta are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Sparta's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Sparta or another part of Randolph County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Sparta, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.16%
Estimate Property Tax Bill
$1,373
$1,274
Ownwell’s Sparta Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sparta with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sparta to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Sparta, Illinois
Property taxes in Sparta, Illinois, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sparta is 3.16%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Sparta set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sparta estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Sparta's effective property tax rate to other counties in Illinois and the national median. For comparison, the 62286 zip code has the highest median property tax rate of 3.16%, while the same zip code also has the lowest median tax rate of 3.16%. Understanding how these cities compare with Sparta provides valuable insights into the varying tax landscape across Randolph County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sparta Tax Rate
3.16%
Average Randolph County Tax Rate
2.00%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sparta, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62286 | 1.98% | 2.46% | 3.16% | 3.16% | 3.16% |
Source: Ownwell
Property Tax Assessment Values Across Sparta, Illinois
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Sparta, Illinois. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Randolph County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Sparta, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Sparta helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 62286 has the highest median tax bill of $1268, while the lowest median tax bill is also $1268, highlighting a uniformity in property tax assessments within the area.
Average Sparta Assessed Value
$43,455
Average Randolph County Assessed Value
$47,528
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sparta, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62286 | $7,614 | $25,301 | $43,455 | $72,278 | $148,793 |
Source: Ownwell
Property Tax Bills Across Sparta, Illinois
In Sparta, located in Randolph County, IL, property tax bills are determined based on the assessed value of a home, which is derived from its market value. The median home price in Sparta is $43,455. Local tax authorities apply a specific tax rate to this assessed value to calculate the annual property tax bill. Several factors influence this calculation, including the property's location, its market value, and any applicable exemptions. For homeowners, the property tax bill can vary significantly. The 25th percentile tax bill is approximately $720, while the 75th percentile reaches up to $1,950. At the 90th percentile, homeowners might see tax bills as high as $3,962. The median tax bill in the highest and lowest zip code, 62286, is $1,268, which is higher than the national median property tax rate of 0.99%. These taxes support essential local services such as schools, public safety, and infrastructure, thereby directly impacting the community's quality of life.
Average Sparta Tax Bill
$1,268
Average Randolph County Tax Bill
$1,100
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Sparta, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62286 | $273 | $720 | $1,268 | $1,950 | $3,962 |
Source: Ownwell